{"id":277,"date":"2024-06-28T16:37:12","date_gmt":"2024-06-28T13:37:12","guid":{"rendered":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/football-index-proposes-customer-ownership-in-revival-plan\/"},"modified":"2024-06-28T16:37:12","modified_gmt":"2024-06-28T13:37:12","slug":"football-index-proposes-customer-ownership-in-revival-plan","status":"publish","type":"post","link":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/football-index-proposes-customer-ownership-in-revival-plan\/","title":{"rendered":"Football Index Proposes Customer Ownership in Revival Plan"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/UsOPu3S7MRo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Football Index&#8217;s operator, BetIndex, has outlined a comprehensive strategy to revive the platform. This plan involves granting customers ownership of the business, preceding a High Court session scheduled for today.<\/p>\n<p>The specifics of this plan were unveiled in documents distributed prior to the High Court proceedings, which will determine the distribution of the \u00a34.5 million held in the player protection account.<\/p>\n<p>The proposed Company Voluntary Arrangement (CVA) suggests that the customer trust will allocate half of BetIndex&#8217;s equity to existing customers who actively participated in Football Index before the company&#8217;s administration.<\/p>\n<p>Administrators assert that this is feasible due to the &#8220;inherent appeal of the business model to customers and its financial viability.&#8221;<\/p>\n<p>Index Labs Ltd, the shareholders of BetIndex, must consent to relinquishing control of the company to achieve a CVA with customers.<\/p>\n<p>An investment trust will retain the remaining 50% of BetIndex&#8217;s equity to entice external investors. These investors could potentially provide an exit strategy for players holding shares in the customer trust, enabling them to sell their shares to investors. <\/p>\n<p>Every patron will keep their entitlement to be a part of the organization, which will grant them the authority to select board representatives.<\/p>\n<p>Regarding the actual platform, to maintain uniformity, it was proposed to utilize a structure resembling the prior original title, but the administrator stated that certain variations would aid in preserving its financial stability.<\/p>\n<p>The administrator might not obtain a distant wagering permit, but will acquire a pool wagering permit, which is deemed the &#8220;most reasonable&#8221; path forward.<\/p>\n<p>To continue distributing profits, a \u00a37 million escrow stock pool will be formed, but these profits will be suspended for a half year. All escrow shares will expire after three years.<\/p>\n<p>Leadership stated, &#8220;The board believes that the administrator has a strong chance of regaining its permit.&#8221;<\/p>\n<p>When inquired about whether a new permit might be awarded to Football Index, a Gambling Commission spokesperson responded: &#8220;We do not discuss any possible permit applications or applications that have been submitted.<\/p>\n<p>&#8220;Prior to granting a permit, we will meticulously examine the business model of any permit application.&#8221;<\/p>\n<p>The administrator estimates that players will receive approximately 20.5 pence per pound owed under this relaunch.<\/p>\n<p>BetIndex mentioned plans for a possible future reorganization in the initial closing statement released after the company entered administration. <\/p>\n<p>The firm declared they&#8217;re striving to reorganize their operations with the assistance of their investors, particularly their local community. They&#8217;re collaborating with Begbies Traynor, a company specializing in bankruptcy, to discover the ideal resolution for their patrons. Their objective is to maintain the platform operational, but in a reorganized manner. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Football Index&#8217;s operator, BetIndex, has outlined a comprehensive strategy to revive the platform. This plan involves granting customers ownership of the business, preceding a High Court session scheduled for today. The specifics of this plan were unveiled in documents distributed prior to the High Court proceedings, which will determine the distribution of the \u00a34.5 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Football Index Revival: Fans Take Ownership<\/title>\n<meta name=\"description\" content=\"BetIndex proposes a radical plan to revive Football Index, giving customers ownership of the platform. 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